The use of carbon nanotubes for piezoresistive strain sensors has acquired significant attention due to its unique electromechanical properties. In this comprehensive review paper, we discussed some important aspects of carbon nanotubes for strain sensing at both the nanoscale and macroscale. Carbon nanotubes undergo changes in their band structures when subjected to mechanical deformations. This phenomenon makes them applicable for strain sensing applications. This paper signifies the type of carbon nanotubes best suitable for piezoresistive strain sensors. The electrical resistivities of carbon nanotube thin film increase linearly with strain, making it an ideal material for a piezoresistive strain sensor. Carbon nanotube composite films, which are usually fabricated by mixing small amounts of single-walled or multiwalled carbon nanotubes with selected polymers, have shown promising characteristics of piezoresistive strain sensors. Studies also show that carbon nanotubes display a stable and predictable voltage response as a function of temperature.